I need help with financing a REO farm
I'm looking for someone who can help me out with financing an REO farm. It's going to auction in another month (for the 2nd time). The first time it went to auction it started out at 300k and didn't get any bids. The property has 90 acres, house, horse track, indoor riding arena, 70+ horse stalls, 2 apartments, and more. It's currently listed with an agent for $1.2m. If this place goes to auction again and I can pick it up for $300k then I want to jump on it.
What i'm looking for is someone to finance it. I'm not looking to flip the place. In fact i'm looking to run the operation and open a small farm store/tack store on the property as well. It's already income producing and is bringing in about $90k a year at 30% occupancy.
Right now I cant get financing through a bank due to not having my other house sold. Ideally, i'd like to find someone to hold the mortgage until I can get my current home sold and then finance out.
Anyone have any other creative ideas??